– CHFJPY reversed from support zone
– Likely to rise to the resistance level 168.45
CHFJPY currency pair recently reversed up from the key support zone located between the long-term support level 166.75 (which has been reversing the price from the start of this year) and the lower daily Bollinger Band.
The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.
Given the oversold daily Stochastic and the strength of the support level 166.75, CHFJPY currency pair can be expected to rise further to the next resistance level 168.45 (former support from August).
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